GAP insurance

[Col3371]

Just been reading the brochure for the RAC GAP insurance offered by my dealer as I was thinking of getting it. £399 for 3 years.

Exclusions of note:

We will not pay any benefit if....

the vehicle has been modified other than in accordance with the Manufacturers specification
&
any motor insurance excess above £250

So hood struts..... side stripes..... axle or cat back exhaust etc. Plus my excess is £300 or £350 (can't remember exactly but its more than £250).

Anyone else get the GAP? Just wondering if I'm missing something :headbonk:

Sponsored

 

[Jimboy2]

Have you had a look at any independent suppliers yet? Would imagine RAC would be priced on the high side.
I really need to start looking into this as wel
Also check your insurance company doesn't cover you. Think some cover for the 1st year

 

[v8hgt]

So am I correct in thinking the gap policy is voided by any mod? I certainly plan to mod my car within the first 3 yrs so a gear knob swap would void the policy for me.
I then count how many accidents I've had in my years of driving and the percentage of write offs. Combined with my vey low annual mileage in the mustang and that it will be kept garaged I suspect this is a case of dealer up selling that I just don't need.
Lest we not forget, these days the margins are tight on base products, be that car purchase or general motor insurance. Selling a policy that will almost always be voided within a month and may be covered under your general insurance for the first year anyway sounds like free money for your dealer and underwriters. I suspect they offer alloy wheel insurance and paint protection cover too.....

 

[tooley]

Had it when I got the Audi but not going to bother this time. Think it's just another way of extracting cash from you. Insurance is like gambling but with worse odds :-)

PS - my dealer got as far as picking up the DiamondBright pamphlet but I'd said no thank you before she'd said anything

 

[Heretian]

Do a quote on https://gapinsurance123.co.uk/ which on the most expensive option for me with 5 years cover and £25k limit (max above insurance cost) comes in at £289 for the 5 years. If you get a 4 year policy you can defer start to end of year 1 which may be covered by your insurance (Aviva does).

If you want to save more then try www.ala.co.uk who will do a price match and beat by 20% on a comparable product. I haven't checked the full wordings but I can't think they will be much different.

Based on the 123 quote for 4 year deferred (£227) and ALA beating it by 20% then it should be a 4 year policy to start end of year 1 which is covered by insurance company for £181.60.

Either way the dealer provided cover is expensive and does not last very long.

 

[Col3371]

Cheers guys. Either way, what I'm wondering is if it's like: "some toe rag has nicked your motor 18 months in. Insurance pays, let's say 60%, gap pays remainder but not the extra to pay for any non performance parts like an axle back."

I don't know anyone who's ever used gap insurance. Not sure

 

[Actual]

I took GAP insurance in case I drove off the dealer forecourt and immediately lost the back end with the P Zeros and wrote off the car. The fact that the cover continues for 3 years is a bonus.

 

[Bronzetooth]

Cheers guys. Either way, what I'm wondering is if it's like: "some toe rag has nicked your motor 18 months in. Insurance pays, let's say 60%, gap pays remainder but not the extra to pay for any non performance parts like an axle back."

I don't know anyone who's ever used gap insurance. Not sure

To my understanding GAP is to cover the difference between current book price and retail price of the base car ordered, I.e with out additional items you have added, these you would need to cover yourself/re buy, so if you have £3k of mods then that won't be covered.

Eg:

Book price £20k
Retail price £35k
Mods added £3k
GAP covers the £15k difference from insurance but not the £3k in mods

 

[Col3371]

Agreed & that's what I want but it was the "not paying out if car is modified" or whatever I wrote at the start of this thread, that's what worried me. If it's a case of just mods not covered, then I'm happy.
Perhaps is better have a chat with a company direct. Just wondered if anyone on here had a similar conversation when they got there's

 

[Bronzetooth]

I guess it would be what they consider a modification is, changing an exhaust isn't a warranty issue as far as Ford see it, so that could be seen as within manufactures specification for example.

Certainly worth a call to get clarification.

 

[Col3371]

Cheers guys.... I'll report back

 

[SSC]

The gapinsurance123 website policy quotes " have been modified from the manufacturer’s specification (unless
agreed by the Motor Insurer)" in the exclusion clause. So as long as your insurer is notified about the mods and will quote you, it's all good ).

 

[Stark]

You boys looking in to this need to also check the policy wording carefully.....All of the ones I have read so far have similar wording that says what is not included:
"Vehicles that:
• are not listed in Glass’s Guide"

The mustang does not appear in the glass's guide.

 

[Stark]

You boys looking in to this need to also check the policy wording carefully.....All of the ones I have read so far have similar wording that says what is not included:
"Vehicles that:
• are not listed in Glass’s Guide"

The mustang does not appear in the glass's guide.

So after posting the above I took a gamble.....

I bought a 2 year gap insurance and delayed it to start when my insurance runs out next January (my insurance has a new car replacement policy). Within that time I hope the glass's guide is updated with the mustang and that's because insurance companies will also need this information when paying out for claims etc.
Fingers crossed I never need to worry about this but the best gap policy is best bought within 180 days of collecting the vehicle and my deadline was today and if my gamble pays off, I will feel comfortable that I am covered.

 

[SpArKy]

So after posting the above I took a gamble.....

I bought a 2 year gap insurance and delayed it to start when my insurance runs out next January (my insurance has a new car replacement policy). Within that time I hope the glass's guide is updated with the mustang and that's because insurance companies will also need this information when paying out for claims etc.
Fingers crossed I never need to worry about this but the best gap policy is best bought within 180 days of collecting the vehicle and my deadline was today and if my gamble pays off, I will feel comfortable that I am covered.

but what if you were to crash it before January?

Sponsored